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Bangalore , Aug 5

SIDBI Venture Capital (SVCL) expects the entire corpus of the National Venture Fund for Software and IT Industry (NSFIT) to be fully committed during the current fiscal.

The SIDBI Chairman and Managing Director, Mr N. Balasubramanian, said Rs 75 crore of the Rs 100-crore close-ended 10-year fund had been invested so far in 30 companies in BPO/ITES, software products, software services and Internet-related businesses.

SVCL, which exited Bangalore-based ECAD Technologies, would continue to support projects and ventures in the SME sector, especially for innovative businesses, said Mr Balasubramanian.

In the five years since its inception, SVCL has funded 28 projects in the IT sector among SMEs. NSFIT, along with State Regional funds supported by SIDBI, isthe major source of funding in the SME segment, he said.

SVCL has already committed Rs 26 crore in three companies so far, according to him.

SIDBI also entered into a partnership with Small Enterprise Assistance Fund, the US and Kotak Mahindra Bank to set up the India Growth Fund.

It has also invested in a number of State-level VC funds in collaboration with local institutions.

Sanctions of the bank relating to venture capital operations aggregated Rs 450.36 crore through various routes, Mr Balasubramanian said.

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